South Korea’s NH Investment & Securities Co. is set to become the second-largest shareholder of Choice Equity Broking Private Ltd. (CEB), a core brokerage subsidiary of India’s publicly listed financial services group Choice Group, by acquiring a stake of more than 30 percent.
The move will enable NH Investment & Securities to secure a strategic foothold in India’s fast-growing financial market and establish a long-term partnership with a local financial institution.
Investment Details
According to sources from the financial investment industry, NH Investment & Securities will invest about 142.3 billion won ($94.46 million) to acquire a 32.2 percent stake in CEB in the form of preferred shares.
Its ownership stake could change depending on future conversion terms.
The investment is not merely financial, sources said, as NH Investment & Securities plans to participate in CEB’s board of directors and take part in management.
Choice Equity Broking Private Ltd.
CEB is a mid-sized full-service brokerage with a nationwide business network and digital investment platform in India, providing a wide range of financial services, including retail and wholesale brokerage, margin trading facility (MTF) services, wealth management (WM), financial product distribution, and digital investment platforms.
The company has approximately 260,000 active clients and posted a net profit of about 19.6 billion won in the latest fiscal year between April 2025 and March 2026, recording a compound annual growth rate of 53.6 percent over the past four years.
Observers note that the investment marks a diversification of NH Investment & Securities’ overseas expansion strategy, as the company has opted to forge a strategic partnership through an equity investment in a leading local financial institution, rather than establishing wholly owned local subsidiaries or joint ventures.
Partnership and Future Plans
The two companies plan to expand cooperation across a wide range of areas, including retail and wholesale brokerage, wealth management, and investment banking (IB), and aim to strengthen cross-border financial services linking the Korean and Indian capital markets.
The partnership is also expected to generate broader group-level synergies, as Choice Group operates a range of financial affiliates, including a non-banking financial company (NBFC), an asset management business, and an insurance brokerage.
NH NongHyup Financial Group also has an established presence in India, including the Noida branch of NH NongHyup Bank and IFFCO Kisan Finance, a local investment company of NH NongHyup Capital.
Building on these operations, the two groups plan to jointly identify new business opportunities, and the latest transaction will be completed after obtaining the necessary regulatory approvals and satisfying other closing conditions.
Shin Jae-wook, CEO of NH Investment & Securities, said, “This strategic investment will serve as an important milestone in further strengthening our global business portfolio.”
Arun Poddar, CEO of Choice Group, welcomed the partnership, saying, “Our cooperation with NH Investment & Securities, Korea’s leading brokerage, will mark a significant turning point in our group’s growth strategy.”
India’s stock market has maintained robust growth, ranking among the world’s fourth- or fifth-largest equity markets, supported by global supply chain diversification away from China and a growing middle class, with the market being one of the world’s most active for initial public offerings (IPOs), as noted on the Wikipedia page for initial public offerings.
As NH Investment & Securities expands its presence in India, it’s likely that the company will benefit from the country’s growing financial sector, which has been driven by a combination of factors, including government support for financial inclusion and a growing demand for financial services from the country’s expanding middle class, similar to the growth seen in Incheon Airport passenger numbers.
The partnership between NH Investment & Securities and Choice Group is expected to have a positive impact on the Indian financial market, as it will bring together the strengths of both companies to deliver differentiated financial services and build sustainable long-term growth engines, helping investors to better handle volatility in the market.
They will work together to achieve this goal.
NH Investment & Securities and Choice Group are moving forward with their plans.
